The Panthers cut Palardy last month.
Palardy tore an anterior cruciate ligament while playing basketball with his son last offseason. He missed all of last season.
Palardy joined the Panthers in 2016 and handled all of their punting duties from 2017-19.
His release from the Panthers saved the team a little more than $1.9 million in cap space.
He has a career average of 45.3 yards on 243 punts.